Terms

Series

8.75% Series H Fixed-Rate Cumulative Redeemable Preferred Stock

Liquidation Preference

$25.00

Coupon Rate

8.75%

Rate Type

Fixed

Annual Dividend

$2.19

Payment Frequency

Quarterly

Cumulative

Yes

Perpetual

Yes

Convertible

Yes

Callable

Yes

First Call Date

October 15, 2030

First Call Price

$25.00

Capital Stack Ranking

Junior To: All Existing And Future Indebtedness Of Agnc Investment Corp., All Indebtedness And Liabilities Of Subsidiaries, Any Senior Equity Securities That May Be Issued In The Future; Pari Passu With: Series C Preferred Stock (7.000% Fixed-To-Floating), Series D Preferred Stock (6.875% Fixed-To-Floating), Series E Preferred Stock (6.50% Fixed-To-Floating), Series F Preferred Stock (6.125% Fixed-To-Floating), Series G Preferred Stock (7.75% Fixed-Rate Reset); Senior To: Common Stock, All Junior Equity Securities

Regulatory (Basel III) Call

Yes

Tax Classification

Reit Passthrough

Qualifies for QDI

No

Qualifies for DRD

No

Depositary Share Fraction

0.001

Shares Offered

12,000,000

Prospectus Summary

AGNC Investment Corp. is offering 12,000,000 depositary shares, each representing a 1/1,000th interest in a share of its 8.75% Series H Fixed-Rate Cumulative Redeemable Preferred Stock, with a liquidation preference of $25.00 per depositary share and par value of $0.01 per underlying preferred share. The fixed annual dividend of $2.1875 per depositary share ($0.546875 quarterly) is cumulative — meaning any missed payments accumulate and must be paid in full before AGNC can pay dividends on its common stock, providing investors a degree of income protection over non-cumulative structures. The stock is perpetual with no stated maturity and is generally not callable before October 15, 2030, at which point AGNC may redeem at $25.00 per depositary share. The Series H Preferred Stock sits above AGNC's common stock in the capital stack but is effectively junior to approximately $91.7 billion of indebtedness and other liabilities outstanding as of June 30, 2025 — primarily repurchase agreement borrowings — which must be satisfied before preferred holders receive anything in a liquidation. Because AGNC Investment Corp. is a holding company whose assets are largely held through subsidiaries, preferred holders also face structural subordination to all subsidiary-level obligations. The Series H ranks on parity with the existing Series C, D, E, F, and G preferred shares (aggregate liquidation value of approximately $1.69 billion). There is no traditional regulatory capital trigger; instead, AGNC retains a special early redemption right to call the preferred before October 15, 2030 solely to preserve its REIT tax qualification, which could result in early redemption at $25.00 at AGNC's discretion if its REIT status is threatened. At the $25.00 offering price, the Series H yields 8.75% annually. Because AGNC is a REIT, dividends are generally characterized as ordinary income (not qualified dividend income eligible for the 15%/20% preferential rate) and do not qualify for the corporate dividends-received deduction, making the after-tax yield less favorable than comparably-rated bank preferred dividends for individual and corporate holders. Dividends are payable quarterly on January 15, April 15, July 15, and October 15, with the first dividend of approximately $0.75955 per depositary share payable January 15, 2026 (record date January 1, 2026). If AGNC fails to pay dividends for six or more quarterly periods, preferred holders gain limited board voting rights, and certain debt covenants could independently restrict dividend payments — investors should monitor AGNC's leverage and REIT distribution compliance as key indicators of dividend continuity.

Summarized from the SEC prospectus filing.

Distribution History

Conversion Terms

Ranking vs. Other Preferreds

Dividend Stopper Provisions

Dividend Stopper Description

If AGNC fails to pay dividends on the Series H Preferred Stock for six or more quarterly periods (consecutive or not), dividends on common stock and junior equity are effectively blocked and preferred holders gain limited board voting rights; additionally, certain debt covenants may restrict or block the payment of preferred dividends.

Div Score Breakdown

Reinvesty's multi-factor safety analysis for this preferred, composite score: 48 (Average)